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Edtech start-up Cuemath has let go of more than 100 employees, as part of a restructuring exercise across the company.
This is the second round of lay-offs that the Bengaluru-based start-up has undertaken after it laid off 100 employees across functions in May this year.
“We’ve taken the difficult decision to reduce the size of our team as part of a restructuring exercise across the company. In this process, we will be bidding goodbye to 100+ talented Cuemath employees,” said a spokesperson.
The company had made progress in making its product experience stronger, growing its revenue base, and improving key operating metrics, while keeping costs under control.
“We are one of the few edtech players that have healthy renewal rates, which is a good indicator of our product’s effectiveness. However, we also realise that the adverse macro-environment for start-ups - especially in the edtech space - is here to stay for an uncertain amount of time. This has led us to recalibrate our business priorities and pursue a more sustainable growth path,” the spokesperson added.
In June 2022, Cuemath raised $57 million in a fresh round led by Alpha Wave at a valuation of $407 million, a two-fold jump in valuation.
The fundraise included all existing investors, including Lightrock India, Sequoia Capital India, Alphabet, independent growth fund CapitalG, Manta Ray, and Unitus.
Edtech start-ups Byju’s, Teachmint, Skill-Lync, and others have laid off employees this year.
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